first_imgA road sign to Middlemount , Moranbah and Dysart, in the town Dysart where the Norwich Park coal mine ceasing production, by owner BMA , Dysart, QLD.THEY are the areas that were hit the hardest by the end of the mining boom, but there are signs Queensland’s regional property markets may be turning a corner.The resources downturn saw property prices in some areas of the state slump by up to 60 per cent, but there is evidence price declines are slowing and some areas are staging a comeback.Areas like Gladstone, Mackay and Isaac have recorded significant falls in sale volumes and prices in recent years, but Corelogic research analyst Cameron Kusher said some of these regions were starting to see a lift in sale volumes and transactions.Analysts say property is making a comeback in mining regions like this house for sale at 3 Park Street, Mackay.Kusher said anyone looking to buy property in these regions now would secure a substantial discount from previous highs.He said these towns also continued to achieve some of the best rental returns based on current pricing and rents.“Rental yields are still really attractive,” he said. “They’re not what they were, but it’s still really hard to find the yield you can get in some of those mining towns.”“For an astute investor looking for rental return not capital growth, it could be an all-right play if you’re going hold it for 20 to 30 years.”Analysts say property is making a comeback in mining regions like this house for sale at 12 Eden St, Gladstone.The mining town of Dysart in the Isaac region saw a 10 per cent increase in its median house price in just the three months to February 2017, which remains extremely affordable at just $77,000.The median asking rent in the suburb is only $160 but the indicative gross rental yield is high at 10.8 per cent.In Gladstone Central, the median house price rose 4.8 per cent to $330,000 in the three months to February 2017 according to the latest Corelogic figures.Analysts say property is making a comeback in mining regions like this house for sale at 14 Munro St, Moranbah.The rental yield for a house in the city is 3.5 per cent.The median unit price in the city rose 22.9 per cent in the year to February to $510,000.Luke Curtis, a sales agent with Living Here Property Partners, said there were signs the market was improving in the areas of Moranbah, Mackay and Dysart.“Having said that, prices have fallen dramatically and it’s pretty easy to make a significant growth percentage-wise on something when you’re buying for $120,000!” Curtis said.He said a client bought ten or eleven homes in Moranbah before the coal price went up late last year, recently flipped them and made a healthy profit.“After a long period of price falls, watching this happen has been spectacular. Even if this is not the next boom, there will eventually be another one and it may even be as good as the last one.”But Moranbah Real Estate owner Bella Exposito is seeing a different story on the ground.She said there was a slight pick-up in demand in January and February but the market had since slowed down again and she was having trouble selling and renting stock.While many investors have taken a bath after having a punt on these areas during the mining boom, Kusher said the time might be right for some cautious optimism.“As an investor in that market, you have to be a specific type,” he said. “You have to go in with your eyes open to the fact capital growth is still a long way off.”Kusher said investors should be discerning about the type of investment property they chose.Analysts say property is making a comeback in mining regions like this house for sale at 3 Purvis Court, Dysart.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020He advises steering clear of older stock and instead choosing something modern or unique.His pick would be Mackay or Gladstone as their economies are more diversified than some of the smaller mining towns.Curtis agreed potential investors needed a long term plan, which provided for adverse conditions.“That’s where some people got caught out last time around,” he said.Moody’s warned earlier this year that price declines in the country’s mining regions had resulted in some mortgages in these areas falling into negative equity.Kusher said it was hard to tell whether the recent uptick in transactions was a result of greater investor demand or forced sales.A coal mine near the town of Moranbah in central Queensland. Picture: Jack Tran.PROPERTY MOVEMENT IN QUEENSLAND MINING REGIONSArea Yr sold Sold change Median Price changeGladstone 578 -68% from peak $323,875 -32% from peakMackay 1216 -63% from peak $335,000 -23% from peakIsaac 198 -70% from peak $140,000 -77% from peakON THE UP?HousesArea Median Asking rent Gross rental yieldDysart $77,000 $160 10.8%Cloncurry $180,000 $300 8.7%Moranbah $160,000 $250 8.1%Gladstone Central $330,000 $220 3.5%Mackay $250,000 $250 5.2%UnitsSouth Gladstone $97,500 $130 6.9%Gladstone Central $510,000 $190 1.9%Mackay $290,000 $230 4.1%last_img read more